Here's what I'm getting..
# ./image_setup.sh /usr/mnt.rom/cf/dev_img-1.5 /mnt/cf/dev
Setting mount point /mnt/cf/dev...
ln: /mnt/cf/dev/develop: Operation not permitted
Mounting image /usr/mnt.rom/cf/dev_img-1.5...
Failed to mount image /usr/mnt.rom/cf/dev_img-1.5 on /mnt/cf/dev